Although it can be difficult getting your head around all the different types of super contributions that go into your super account, concessional contributions are the ones you are mostly likely to have and are pretty straightforward to understand.
Although it sounds complicated, bring-forward contributions are just what they sound like – you bring forward your non-concessional contributions caps from future years and use them in a shorter time period.
Feel like you’ve missed the boat when it comes to your retirement savings? Carry-forward super contributions could be the answer for many Australians looking to boost the balance in their super account.
The SG rate is 9.5% of your earnings up to a limit called the maximum super contribution base (MSCB). The current MSCB is $54,030 per quarter, which equals a maximum SG contribution of $5,132.85 per quarter.
The past few years have seen SMSF trustees kept busy implementing numerous legislative modifications to the super system, plus the major reform package commencing on 1 July 2017. Unfortunately, this financial year seems unlikely to be any different.
One of the simplest ways to get free money from the government is to invest a few extra dollars into your super account and take advantage of the co-contribution scheme.
If you are wondering how recent rule changes have affected your super and retirement plans, here’s a quick guide to the key changes and when they commenced.
This article summarises the Coalition’s main election announcements related to superannuation, tax, investing and matters that may affecting your retirement planning.
With only a few weeks remaining before the end of the 2018/2019 financial year, it’s time to ensure you have your super affairs in order and all your paperwork is ready for the big day when you lodge your income tax return.
It was not that long ago that same-sex couples and families were treated differently to other couples and families for income tax and super law purposes.
The concept of total superannuation balance, or TSB, was introduced on 1 July 2017 as a means to measure your total superannuation interests at any point in time. It is used to determine eligibility for a number of new superannuation measures – such as the ability to carry forward unused concessional contribution caps.
Australia’s super system has lots of rules – many of which have significant penalties if you breach them – but not every rule applies to everybody at every age.
SuperGuide has put together a list of useful tips and strategies to consider implementing in each decade. And don’t wait until just before retirement. If you do, you will miss out on the valuable benefits of compound interest.
Take the following 10 question quiz to test your knowledge on boosting your super with superannuation contributions.
Working out how best to grow your super nest egg can be confusing and selecting the right mix of concessional (before-tax) and non-concessional (after-tax) contributions makes it even tougher.